Core Viewpoint - The company, Jiyuan Group, is focused on the research, innovation, and industrialization of dietary nutritional supplements, aiming to enhance global health through scientific research and clinical trials [4][11]. Company Overview - Jiyuan Group is an international enterprise group specializing in the research and development of dietary nutritional supplement products [4]. - As of the latest prospectus, the company has 16 wholly-owned subsidiaries, 3 affiliated companies, and 5 branches [4]. - The company has established a global R&D, production, sales, and service network with centers in China and the USA, and regional sales headquarters in several countries including Australia, the UK, and Japan [5]. Intellectual Property - The company holds a total of 288 registered trademarks, with 126 registered domestically and 162 registered overseas [6]. - It possesses 228 authorized patents, including 20 domestic invention patents and 127 overseas invention patents [7]. - The company has 18 software copyrights [8]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was 947.24 million, 891.89 million, and 1,001.86 million yuan respectively, with main business income accounting for over 99% in each year [11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 143.04 million, 153.37 million, and 170.61 million yuan, showing a steady growth trend [11]. Market Presence - The company primarily sells its products overseas, with international sales accounting for 91.40%, 95.25%, and 93.93% of its main business income during the reporting periods [12]. - The company has established long-term stable partnerships with numerous dietary supplement brands, including Abbott and Blackmores, with some collaborations lasting over 10 years [17]. R&D and Innovation - The company emphasizes continuous innovation and has increased its R&D expenses, which were 42.42 million, 43.03 million, and 49.73 million yuan for the respective years, representing about 4.48%, 4.82%, and 4.96% of its revenue [13]. - The company has established partnerships with renowned universities and research institutions for collaborative R&D [10]. Industry Context - The dietary nutritional supplement industry in China is still in its emerging development stage, with less than 20% of the population consuming such products compared to over 67% in mature markets like the USA and Japan [21]. - The market for dietary nutritional supplements in China reached 225.3 billion yuan in 2023, growing approximately 11.6% year-on-year [21]. - The industry is characterized by increasing safety, quality, and brand power, as well as a trend towards product diversification and individualization [22]. Strategic Planning - The company's vision is to provide original and customized nutritional raw materials and formulations through scientific research and global layout [15]. - Future plans include increasing R&D investment, expanding product application areas, and upgrading information management systems [16]. Competitive Advantages - The company has a full industry chain synergy advantage, being one of the few vertically integrated companies in the dietary nutritional supplement sector [17]. - It maintains a strong focus on quality management and has established leading product quality standards [17].

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.70, which places it in the 22.8% percentile of the non-innovation system AHP model [4][10]. Core Insights - The company is the global leader in HMB with a market share of 53.34% from 2022 to 2024, and it operates across multiple dietary nutrition segments [4][11]. - The dietary supplement industry is expected to grow at a rate of 6% annually from 2023 to 2026, reaching a market size of $223 billion by 2026 [4][20]. - The company has established a global production and sales network, with significant partnerships with major clients like Abbott, which accounts for over 60% of its HMB business revenue [4][18]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for the company is calculated at 1.70, indicating a mid-to-low ranking within the non-innovation system AHP model [4][10]. - Expected allocation ratios for offline investors are 0.0171% for Class A and 0.0117% for Class B under a neutral scenario [10]. Company Fundamentals and Highlights - The company is vertically integrated from raw material production to finished product formulation, making it one of the few in China to achieve such integration [4][11]. - HMB is the core product, with the company holding key patents and being the only supplier with USP certification for its myHMB® brand [4][11]. - The company has a strong presence in the glucosamine market with a market share of over 11% from 2022 to 2024 [4][11]. Financial Comparison with Peers - The company's revenue and net profit growth rates from 2022 to 2024 are 2.84% and 10.81%, respectively, which are below the average of comparable companies [4][23]. - The gross margin for the company is higher than that of its peers, with figures of 38.87%, 43.23%, and 43.50% from 2022 to 2024 [4][25]. - The company’s operating cash flow for 2024 is projected to be second only to a peer company, indicating strong cash generation capabilities [4][29]. Fundraising Projects and Development Vision - The company plans to raise funds for expanding its production capacity for HMB and other nutritional ingredients, as well as for establishing a technology innovation center [4][35]. - The planned projects include an annual production increase of 1,200 tons of HMB and 300 tons of glucosamine, among other products [4][36].

Group 1 - The company plans to publicly issue 50.01 million shares, accounting for 12.50% of the total share capital after issuance [1] - The strategic placement plan will participate in the subscription of up to 10% of the public offering scale, which is 5.01 million shares, with a total subscription amount not exceeding 50 million yuan [1] - The company is an international enterprise group specializing in the research, innovation, and industrialization of dietary nutritional supplements [1] Group 2 - The company's net profit attributable to the parent company for the years 2022 to 2024 is projected to be 142 million yuan, 160 million yuan, and 174 million yuan respectively [2] - The company expects a year-on-year revenue growth of approximately 15.03% to 27.36% for the first half of 2025, with net profit growth of about 8.56% to 19.20% [2] - The total planned investment for fundraising is approximately 603 million yuan, allocated to various projects including the construction of a nutritional health raw material production base and the expansion of production lines [2]